The Indian stock market is expected to open on a muted note on Thursday, following mixed cues from global markets, as investors assess US Federal Reserve's monetary policy announcement and geopolitical uncertainties.
The trends on Gift Nifty also signal a flat start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 22,767 level, a discount of nearly 11 points from the Nifty futures' previous close.
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In the previous session, the Indian stock market ended lower, with the Nifty 50 closing tad below 22,700 level.
“The near-term outlook remains cautious, with sustained buying above 22,800 essential to reinforce recovery momentum and improve the broader technical setup,” said Ponmudi R, CEO of Enrich Money.
Here are five key factors that are likely to drive the Indian stock market today:
Asian Markets
Asian stock markets traded mixed after the US Fed kept interest rates unchanged. Japan's Nikkei 225 rallied 1.08%, while the Topix was flat. South Korea's Kospi rose 0.75%, while the Kosdaq declined 2.71%. Hong Kong Hang Seng index futures indicated a higher opening.
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Wall Street
US stock market ended higher on Wednesday after the US Federal Reserve left its key policy rate unchanged, as widely expected.
The Dow Jones Industrial Average gained 97.53 points, or 0.19%, to 52,475.10, while the S&P 500 rose 21.37 points, or 0.28%, to 7,743.97. The Nasdaq Composite closed 72.04 points, or 0.27%, higher at 26,549.85.
US Fed Policy
The US Federal Reserve kept the benchmark interest rate unchanged in the range of 3.75%-4%. Chairman Kevin Warsh-led Federal Open Market Committee (FOMC) voted 10-2 to hit pause on the federal funds range in support of the US central bank's ‘dual mandate'.
Alphabet Misses Estimates, Stock Slips
Google parent Alphabet Inc.'s share price slumped nearly 10% on Wednesday after the company's search and advertising sales missed estimates in the third quarter. It reported sales, excluding partner payouts, of $111.2 billion in Q3, falling short of analysts' projections.
Crude Oil Prices
Crude oil prices fell after fresh diplomatic efforts to end the war in the Middle East. Brent crude futures fell 0.73% to $114.48 a barrel, while US West Texas Intermediate crude was at $101.94 a barrel, down 0.82%.
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